Gabelli Funds LLC cut its position in shares of Legg Mason, Inc. (NYSE:LM) by 7.1% during the second quarter, Holdings Channel reports. The fund owned 1,488,000 shares of the asset manager’s stock after selling 113,000 shares during the period. Gabelli Funds LLC’s holdings in Legg Mason were worth $56,782,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in LM. FNY Partners Fund LP purchased a new stake in shares of Legg Mason during the first quarter worth about $109,000. IFP Advisors Inc boosted its position in Legg Mason by 235.4% in the first quarter. IFP Advisors Inc now owns 3,562 shares of the asset manager’s stock worth $129,000 after buying an additional 2,500 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Legg Mason by 23.1% in the first quarter. Envestnet Asset Management Inc. now owns 5,857 shares of the asset manager’s stock worth $212,000 after buying an additional 1,100 shares during the last quarter. Yorktown Management & Research Co Inc bought a new position in Legg Mason during the first quarter worth $217,000. Finally, CIBC World Markets Inc. bought a new position in Legg Mason during the first quarter worth $219,000. Institutional investors own 80.68% of the company’s stock.
Shares of Legg Mason, Inc. (LM) opened at 37.01 on Friday. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 15.38 and a beta of 2.20. The company’s 50-day moving average is $39.00 and its 200 day moving average is $37.50. Legg Mason, Inc. has a 52 week low of $28.10 and a 52 week high of $42.08.
Legg Mason (NYSE:LM) last released its quarterly earnings data on Wednesday, July 26th. The asset manager reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Legg Mason had a net margin of 8.21% and a return on equity of 6.84%. The business had revenue of $793.80 million for the quarter, compared to analysts’ expectations of $766.60 million. During the same quarter last year, the company earned $0.68 EPS. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts anticipate that Legg Mason, Inc. will post $2.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 23rd. Investors of record on Thursday, October 5th will be issued a $0.28 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.03%. Legg Mason’s dividend payout ratio (DPR) is presently 46.47%.
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LM has been the subject of a number of research analyst reports. TheStreet raised shares of Legg Mason from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Credit Suisse Group reaffirmed a “buy” rating and set a $41.00 price objective on shares of Legg Mason in a research report on Friday, June 16th. BidaskClub cut shares of Legg Mason from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. ValuEngine raised shares of Legg Mason from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $43.00 price objective on shares of Legg Mason in a research report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $41.11.
In related news, Director Tian Qiao Chen sold 4,232,500 shares of the stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $38.43, for a total value of $162,654,975.00. Following the sale, the director now owns 3,383 shares of the company’s stock, valued at approximately $130,008.69. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.70% of the stock is owned by company insiders.
About Legg Mason
Legg Mason, Inc is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds.
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